Layer 1 Mission Aleo Raises $200M

Layer 1 Mission Aleo Raises $200M

With the lift, the crew aims to make a scalable and privacy-oriented blockchain. 

Key Takeaways

  • Aleo has closed a $200 million funding round led by SoftBank Imaginative and prescient Fund 2 and Kora Administration.
  • The crew aims to make a scalable and privacy-centered blockchain the exercise of zero-recordsdata proofs.
  • As soon as are living as a mainnet, Aleo will reward validator nodes with its native token, Aleo Credit score.

Aleo has raised $200 million in a sequence B funding round to make a unusual Layer 1 blockchain focused on scalability and particular person privacy.

Aleo Pulls In VC Backing

Aleo, a Layer 1 blockchain focused on scalability and privacy, has closed a $200 million funding round. The crew announced in a tweet that it hoped to “make the next-generation of interior most apps powered by zero-recordsdata proofs.”

The funding round changed into closed at $1.45 billion valuation. It led by SoftBank Imaginative and prescient Fund 2 and Kora Administration, with participation from important VCs as Tiger Global, Andreessen Horowitz (a16z), Samsung Subsequent, Slack Ventures, and Sea Capital.

Aleo changed into created by Howard Wu, who primarily based it on his current analysis on a original cryptographic used known as ZeXe.

The Layer 1 blockchain will exercise a safety mannequin by which decentralized applications are hosted on-chain but most computations desire location off-chain. To manufacture this, Aleo will rely on of zero-recordsdata proofs. Particularly, such proofs are currently being oldschool by present blockchain scalability solutions on Ethereum, including Polygon Miden, StarkWare, zkSync, and Loopring.

The Aleo testnet is currently are living with a mainnet originate deliberate soon. As soon as that goes are living, blockchain will reward validator nodes with its native token, Aleo Credit score. The token will be oldschool to pay for computational resources within the Aleo blockchain ecosystem.

Aleo has also released Aleo Studio, a constructing atmosphere love GitHub that will be oldschool solely for zero-recordsdata proofs. The crew has also developed a unusual programming language named Leo. Each and every of these resources are geared toward simplifying the abilities  of deploying applications on the community.

As of at the present time, Aleo has raised a total of $228 million. It closed a Series A round of $28 million led by a16z in April 2021.

Disclosure: On the time of writing, the author of this section owns ETH. 

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